Posting Long Term Wave Counts on Nifty & Dow Jones Industrial Average. The two most Popular Indices Tracked by Many Indian Investors.
Nifty completed its Cycle Degree Wave 1 in Jan 2008 and has been in consolidation phase since past 5 years. Though currently Nifty is near the All Time Highs from EW perspective the Rallies still look Corrective. The Sharp 2008 Fall has been marked as (W) & 2009-2010 Rally back to 6338 has been marked as (X) Wave. Currently Nifty looks to be in (Y) Wave which might be developing as more complex corrective.
The year long Uptrend which started back in Dec 2011 looks to be in its Final phase. This Wedge Shaped Corrective Pattern has Resistance Near 6300. Also as per Fibonacci Ratios 61.8% Retracement of Y comes near 6300. Post this Huge Sell off might be witnessed on Nifty. So those who are planning to Invest in Equities at Current level shall be careful.
I would like to revise any alternate count only in case Nifty crosses 6358..
Dow completed its Super Cycle Degree Wave 5 back in Jan 2000 and has been in consolidation since past 13 years. Though DJIA is at All Time Highs from EW perspective the Rallies still looks Corrective. DJIA looks to be forming Expanding Triangle or Expanded Flat Correction or Double Three.
Rally from March 2009 lows is perfectly channeled corrective & looks to be in it Final phase which has resistance near 15800-16000. Post this Huge Sell off might be witnessed on DJIA. So those who are planning to Invest in Equities at Current level shall be careful.
I would like to revise any alternate count only in case DJIA crosses 16000..
Thanks & Regards,
Interesting. I am watching Dow jones too. I have been studying Elliot wave and Fibonacci so thank you for your thoughtful insight. I will be watching the markets looking for correction as well. Certain stocks will hold up better than others such as healthcare? Have you looked at the Nasdaq and s&p? I am not familiar with the nifty but good to study. Thanks and I found you on LinkedIn :-) Diana(swing trader/artist)ReplyDelete
Well S&P has Similar Long Term Count. Its in final phase of Uptrend. As per Time Cycles short term Top is in place Today. And Major Top in June 1st week.. I' looking for 50% Correction in Dow & S&P over next 2 years..
That was really grtReplyDelete
Harsh, when you say you would revise your count if nifty crosses 6358, is it intraday crossing or daily close above it?ReplyDelete
Even if 1 tick abv 6358 i would revise my count.. :)